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CBAT - CBAK Talks Up Acquisition Of Troubled Supplier But Investors Unimpressed
CBAK Energy Technology Inc.
CBAK says a troubled battery materials supplier it acquired late last year generated about four times its own revenue in the first nine months of 2021.
Filings show financials for the acquired company remain shaky, with its operations producing large cash deficits.
The market for electric vehicle batteries in China is booming as Beijing throws its weight behind environmentally friendly cars.